Rasmala inks $81m deal to buy Dubai warehouses

Investment firm announces completion of acquisition of 72 warehouses covering nearly 600,000 sq ft
Rasmala inks $81m deal to buy Dubai warehouses
Dubai Investments Park. (Photo for illustrative purposes only)
By Staff writer
Fri 09 Sep 2016 12:11 AM

Rasmala, an independent investment management group, has announced that it has completed the acquisition of 72 warehouses in Dubai covering nearly 600,000 sq ft in a deal worth about AED300 million ($81 million).

The acquisition of the warehouses in Dubai Investments Park is through a sale and leaseback arrangement for the next seven years and has been made in partnership with Ajman Bank and other leading Gulf investors, a statement said.

The properties are sub-let to a diverse group of 31 tenants operating in sectors such as F&B, retail and manufacturing, it added.

The transaction was financed through a combination of equity and Shari’a compliant financing facility, with Ajman Bank participating as a strategic seed investor and sole financier.

Mohamed Amiri, CEO of Ajman Bank, said: “We remain at the forefront of supporting innovative Shari’a compliant investment solutions for regional investors through our strategic tie-up with Rasmala. This transaction also shows our commitment to the UAE economy which continues to demonstrate robust growth and remains attractive for investors.”

Zak Hydari, Group CEO of Rasmala, added: “This warehouse acquisition demonstrates our commitment to the UAE market and builds on our close partnership with Ajman Bank. We plan to invest an additional AED1 billion in real estate transactions over the next 12 months.”

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